As the US looks to offset Beijing's supply chain dominance, China issues a warning against deep-sea mining.

In retaliation for US President Donald Trump's high tariffs on Chinese goods, China has tightened export restrictions on a few rare earth elements, potentially depriving the US of vital minerals needed for everything from cars to smartphones.

Following a revelation of US intentions to stockpile deep-sea metals to offset China's dominance in the sector, China's foreign ministry said Monday that no government should circumvent international rules to approve resource development in the seabed.

The Financial Times reported on Saturday that the Trump administration is drafting an executive order to allow the stockpiling of deep-sea metals found on the Pacific Ocean seabed in order to counter China's dominance of rare earth supply chains and battery minerals, according to people familiar with the matter.

A report asserts that the stockpile would generate massive amounts of metals and rare earths that would be ready and available on US soil for future use in the event of a conflict with China that might restrict imports.

The Chinese foreign ministry declared after the study that the seabed and its minerals are the common heritage of all people under international law.

In a statement, the ministry stated that the International Seabed Authority's framework and the United Nations Convention on the Law of the Sea must be followed while exploring and exploiting mineral resources in the international seabed region.

Roughly 90% of the world's refined rare earths, a class of 17 elements utilized in electronics, electric vehicles, renewable energy, and military, are produced in China. China is the main source of rare earths that the US buys.